The August inflation report came out today and it was not good.
Of course, you would never know that by the narrative being pitched by the White House.
While Joe and Karine Jean-Pierre are spinning a yarn, the 8.3 percent inflation was far worse than expected, sending the market into a tailspin.
When Does It End
The only good news we have right now is that gasoline prices are still trending down, but that will probably not last much longer.
In addition to a shockingly high 8.3 inflation rate for August and an increase in core household goods, Joe Biden decided to have a concert at the White House to celebrate.
Not only that, he dared to make these remarks…
There is nothing to celebrate here, Joe, as the food index surged 11.4 percent, the highest surge since 1979.
Food prices rose 0.8 percent over just the last month.
The Fed also stated that it plans to continue to hike interest rates to get inflation under control, but that has yet to work.
Joe Brusuelas, the chief economist for RSM US, dropped the doomsday message, stating that our economy is “years away” from normalcy.
The dispute between Russia and the west will likely impact gasoline prices very soon, with Brusuelas adding, “My sense is that if the US, the UK and EU impose a price cap on Russian oil exports and the Russians then follow through on their threats to cut off oil flows to the West, we’ll see reversal in oil markets.
“We’ll test the June highs, both in Brent crude and West Texas Intermediate, and you’ll see that very nice $3.70 per gallon gasoline price reverse and move back up. That’s clearly the big risk to the inflation outlook right now.”
Wall Street went into panic mode today, with the market closing down more than 1,200 points on the day.
Our economy is in big trouble, but Joe says it is working for all Americans.
My bank account has been going backward for months and sadly, with costs continuing to rise, I do not see that changing anytime soon.